Your retirement years should be a time when you can relax and enjoy yourself in ways that you might not have been able to when working full-time. However, it can be difficult to relax and enjoy yourself if you’re still worried about any financial gaps in your retirement plan. Consider implementing the following tips to fill any gaps in your retirement plan.
Continue Working Part Time
If you have the physical capacity and desire to do so, continuing to work part time can be an excellent way to bridge any gaps in your retirement plan. Many companies are happy to let you continue on part time, especially when you’ve been a valuable employee for many years. You can continue on in a similar position at a company you’re familiar with. However, retirement can also be a good time to rethink your job options. If you’re planning on continuing to work part time, you can switch things up to stay excited about your work. For example, if you’ve always had a love for home improvement projects, you could consider getting a part time job at a hardware store near you. You’ll have the chance to help people find the perfect tools for their projects and might even get a discount yourself. Get creative with the part time work you do during retirement.
Consider Possible Inheritance
Another way you can bridge the gap in your retirement funds is to consider any possible funds you may have inherited. When an individual passes away, they have the opportunity to divide up their assets between any remaining heirs. If you inherit any of these assets, you can utilize them to help bridge any financial gaps you may have. For example, Inheriting property can provide extra income if you decide to rent it. If you have a larger home that you may not use all of, consider renting out some or all of the property to add some extra income. Many retired individuals downsize to smaller, cheaper properties to save some money. However, if you do so, consider keeping your other, larger property and renting it out. Doing so can allow you to make an active income on the property you otherwise wouldn’t use.
The final way that you can bridge any retirement income gaps is to consider investing in high ROI investments. Investing is a slightly more passive way to make money in retirement. Instead of working part time at a business or company, you can take your income into your own hands. Investing gives you full control over where you put your funds, and you can choose the investments that work best for you. For instance, many people choose to invest in real estate during retirement. This can be as simple as renting out a previous home, as mentioned above. However, you can go more in-depth and purchase investment properties to make you more money.
During retirement, you want to make sure you have enough money to remain comfortable for the rest of your life. It’s difficult to plan ahead for any gaps that may come up in your retirement income. However, these options can allow you to bridge those gaps and stay financially comfortable during retirement.
Check out this article on important topics to discuss with your children as you retire!